Alexander Giap of Annandale, Virginia, is facing federal charges of fraud for operating two separate fraudulent schemes involving commodity futures trading, the U.S. Commodity Futures Trading Commission (CFTC) announced on February 27, 2012. The CFTC filed a civil enforcement action against Giap in the U.S. District Court for the Eastern District of Virginia, Alexandria Division, on February 23, 2012.
Giap allegedly acted as an unregistered commodity trading advisor (CTA) and utilized iTRADE LLC, a firm he operated, in one of the schemes. iTRADE LLC is named as a relief defendant, as it received funds resulting from Giap’s fraudulent activity. Neither Giap nor iTRADE were registered with the CFTC.
This is not Giap’s first encounter with the law. He was previously convicted of bid rigging, wire fraud, and bank fraud in 1995 for schemes involving real estate transactions in northern Virginia between 1991 and 1995.
The CFTC complaint details two fraudulent schemes operating between January 2009 and October 2011. The first scheme, from January 2009 to at least September 2009, involved Giap using iTRADE as a training program (“school”) to solicit at least $104,000 from 13 or more individuals, referred to as “students.” Giap allegedly failed to disclose critical information to these clients and falsely guaranteed a “money back” refund. The second scheme, running from October 2009 through October 2011, involved Giap advising at least four individuals on futures contracts in exchange for compensation, soliciting over $700,000 from the public.
The CFTC is seeking restitution, disgorgement of ill-gotten gains, civil monetary penalties, trading and registration bans, and a permanent injunction to prevent further violations of federal commodities laws. The agency acknowledged the assistance of the National Futures Association and the Virginia State Corporation Commission in the investigation.
Source: CFTC.gov
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